If you want to improve your real estate negotiation skills…then who better to get advice from than one of the world’s greatest hostage negotiators.
Detective Scott Wagner is one of only a handful of specialists in the elite NYPD hostage squad. Wagner is one of the best.
In fact, he has never lost a hostage in over 23 years!
And in a recent interview, he revealed some tricks and how you can use them in your negotiations…
No. 1 – Get help…
During hostage negotiations, Wagner always had a second person listening silently to the conversation and writing down details.
If, for example, the hostage-taker said the word ‘mom’ several times, the listener would flag that as an opening.
Then Wagner would steer the conversation in that direction to end the siege.
You can mimic this tactic by getting your own secret ‘support team’.
When you’re negotiating a deal make sure you’ve got an experienced mentor/friend lined up to help you along the way.
You see, real estate agents negotiate for a living. You, most likely, don’t. So be prepared.
No. 2 – See it from the other person’s point of view…
Wagner’s second piece of advice is to listen. As long as you have them talking,” he said, “they’re not killing anybody.”
As a property investor, it vital to ‘listen’ to what the vendor’s situation is.
How many interested parties do they have, when do they need to sell by, is it their property or a deceased estate?
When you know more about the vendor, you know how hard you can push to get a better deal…
As Wagner says, “You can’t get in someone’s head unless you understand what motivates them to do what they do. You have to understand what makes them tick and what do they really want.”
Unfortunately, many investors just accept what they are given – instead of trying to get the best deal. Play to win!
Or course it’s not just your negotiating skills that save the day…. it’s picking the right properties – in the right areas – in the first place.